A cryptocurrency whale who previously made a massive profit from the TRUMP memecoin recently took a small loss. This follows a social media post by President Trump.
A Quick Loss After a Huge Win
According to crypto tracker Lookonchain, the whale spent $5 million in USDC (a stablecoin) to buy TRUMP tokens after President Trump tweeted “I LOVE $TRUMP” on Truth Social. Just an hour later, the whale sold, losing around $207,000. However, this is a tiny fraction of the $108 million profit the same whale made earlier this year on a different TRUMP investment. They initially spent 1.09 million USDC to buy 5.97 million TRUMP tokens.
Controversy Surrounds TRUMP Coin
The Official Trump memecoin, launched in mid-January, has been controversial. Concerns have been raised about potential corruption and conflicts of interest. Even Vitalik Buterin, the founder of Ethereum, criticized political coins, calling them “vehicles for unlimited political bribery.” Public Citizen, a consumer advocacy group, even wrote to the Department of Justice and the Office of Government Ethics, suggesting the TRUMP coin might violate federal gift laws.
Disclaimer: This information is for entertainment purposes only and is not financial advice. Always do your own research before investing in cryptocurrencies.
/p>
